Saturday, May 27, 2017

‘Tax Rate’ applicable to ‘Resident/Non-Resident Hindu Undivided Family (HUF)’ (A.Y. 2017-2018 i.e. F.Y. 2016-2017)

‘Tax Rate’ applicable to ‘Resident/Non-Resident Hindu Undivided Family (HUF)’ (A.Y. 2017-2018 i.e. F.Y. 2016-2017)

Net Income Range
Income-Tax Rates
Education Cess
Secondary And Higher Education Cess
Up to Rs. 2,50,000
NIL
NIL
NIL
Rs. 2,50,000 – Rs. 5,00,000
10% of (total income minus Rs. 2,50,000) [*]
2% of income-tax
1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000
Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)
2% of income-tax
1% of income-tax
Above Rs. 10,00,000
Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000
2% of income-tax
1% of income-tax

Surcharge : Surcharge is levied @ 15% on the amount of income-tax where net income exceeds Rs. 1 crore. In a case where surcharge is levied, EC of 2% and SHEC of 1% will be levied on the amount of income-tax plus surcharge.

However, marginal relief is available from surcharge in such a manner that in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

AMT : In the case of a non-corporate taxpayer to whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of "adjusted total income" as per section 115JC. For provisions relating to AMT refer tutorial on “MAT/AMT” in tutorial section.